California is set to start retail sales of marijuana in January of 2018 and the Golden State is already preparing.
The state treasurer proposed on Tuesday that the state should use armored cars to transport hundreds of millions of dollars in cash tax payments expected next year with the state’s legal marijuana market.
California is expected to become the largest legal marijuana economy in the nation, however due to federal laws, marijuana growers and retailers cannot do business with most banks.
State Treasurer John Chiang has created a task force to work on this problem of gathering money.
In a report based on the findings of the state’s Cannabis Banking Working Group, it has been recommended that the “state should work with banks to contract an armored courier service to collect tax payments made in cash from businesses, and shuttle those payments to a secure counting facility before it’s eventually deposited in state accounts.”
The report stated, “Armored courier services would eliminate the need to directly handle large sums of cash at branch offices or open deposit accounts at financial institutions.”
